Power of Attorney
Client has a Power of Attorney for her father. It list the power “retirement plan transactions”. The financial institution is saying that does not include rollovers and beneficiary designations. Should it?
Client has a Power of Attorney for her father. It list the power “retirement plan transactions”. The financial institution is saying that does not include rollovers and beneficiary designations. Should it?
Permalink Submitted by Jose Morales on Tue, 2014-04-15 15:43
POAs on IRAs are a matter of each financial institution’s policy or procedures. If they have a policy that only those transactions specifically listed on the POA document can be initiated by POA then you will need to provide a POA document that meets their requirements. They don’t have to accept any POA document on an IRA if they do not wish to.